40 new blocks br identified for br oil, gas br exploration

Petroleum Division has identified as many as 40 new blocks in different parts of the country to step up oil and gas exploration activities. The step is aimed at making discoveries as the existing reservoirs are fast-depleting and since long there is no major discovery, says a report
The new blocks would be awarded through international bidding, for which necessary work was in process.
In September 2018, a bidding round of 10 onshore exploration blocks was conducted, which was held after a gap of almost five years, wherein eight blocks were awarded.
“Next bidding round is being planned shortly whereby 20 Onshore Blocks would be offered and efforts are being made to attract foreign companies,” officials say.
The country’s total sedimentary area was around 827,268 square kilometers, out of which 320, 741 KM (39 percent of the area) is under exploration.
Pakistan fears to deplete its deposits by 60 percent by the year 2027, forcing it to accelerate exploration activities in potential areas on war-footing.
Total consumption of petroleum products in the country stood at 19.68 Million Tonnes (MTs) during the fiscal year 2019-20, out of which 11.59 MTs were achieved through local refineries and 8.09 MT through import.
While there was a gap of over 2 Billion Cubic Feet per Day (BCFD) gas between production and demand of the commodity to meet requirements of more than 9.6 million consumers across the country, Current gas production is around 4 BCFD against the demand of 6 BCFD, the gap is being bridged through the import of LNG and LPG.
The Petroleum Division, a report says has granted open access to the private sector in the import of Liquefied Natural Gas (LNG) besides allowing them to set up their own terminals.
The government has planned to introduce Euro-V fuel in the country to meet the requirements of the hi-tech vehicles and tackle environmental issues like pollution and smog factors.
Officials say general sales tax on fuels had been fixed at the rate of 17 percent by law to streamline the matters related to the pricing of petroleum products.
The government has simplified the approval process for those who wanted to work in the exploration and production business. The official said the government had finalized new downstream oil policy, whereas the work on dualization of the white oil pipeline would start soon.
It merits mentioning that during a period from August 18, 2019, to April 30, 2020, exploration and production (E&P) companies have drilled around 142 wells, out of which 50 were exploratory and 92 appraisals/developmental.
As many as 26 discoveries with the initial flow of 6,799 Barrels per Day (BPD) oil and 234 Million Cubic Feet per Day (MMCFD) gas were announced.
The E&P companies added 9,444 BPD oil and 218 MMCFD gas was added in the national pool against the depletion of 9611 BPD oil and 279 MMCFD gas from the operational wells.
While the companies had acquired around 5,110 2D Line-Kilometre and 2,693 Square- Kilometer seismic data to assess the potential of hydrocarbon deposits in different pockets